After reaching an important support level, Consolidated Edison (ED Quick QuoteED - Free Report) could be a good stock pick from a technical perspective. ED surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.

The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.

Over the past four weeks, ED has gained 5.9%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.

The bullish case solidifies once investors consider ED's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, while the consensus estimate has increased too.

Investors should think about putting ED on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.